“NO” on saving the now-defunct Export-Import Bank (H.R. 597)

On Monday, the House will likely vote on a bill to resurrect the now-defunct Export-Import Bank (H.R. 597). The bill, introduced by Rep. Stephen Fincher (R-TN)73%, will come to the floor because Fincher worked directly withRep. Steny Hoyer (D-MD)10% to bypass the Financial Services Committee and the Rules Committee. Forty-two House Republicans joined every House Democrat in signing the discharge petition.

The case against the Export-Import Bank is clear. The bank is simply putting taxpayers at risk and distorting the market to subsidize a handful of multi-billion dollar companies. Even proponents of the bank acknowledge it does not actually create jobs. American Action Forum concluded, “Export financing merely redistributes jobs across the economy rather than create more overall jobs.” The Congressional Research Service explains:

“Subsidizing export financing merely shifts production among sectors within the economy, but does not add to the overall level of economic activity, and subsidizes foreign consumption at the expense of the domestic economy.”

Heritage Action opposes saving the now-defunct Export-Import Bank (H.R. 597) and will include it as a key vote on our legislative scorecard.